$BNB Price Analysis:
Amid the last two weeks of market consolidation, the #BNB price showed notable resilience above the $586 support. With the #Bitcoin price teasing a breakout from the $70000 level today, the #altcoins market witnessed a bullish uptick. Thus, Binance coin price jumped over 5% hinting at a potential breakout from 11 weeks of consolidation. Should you enter this breakout
Since mid-March, the #Binance coin price has traded sideways resonating within the two converging trendlines of a symmetrical triangle pattern. The coin price rebounded at least twice from both ends indicating the buyers or sellers showed no initiation towards this asset.
Amid the recent market jump, the BNB price gave a decisive breakout from the pattern’s upper resistance. Currently, the Binance coin trades at $625, while the market cap boasts to $92.1 Billion.
However, the price sustainability above the breached trendline in the coming days is crucial for BNB coins. If the pattern holds true, the buyers could drive a rally to a new high of $691, followed by $766.
On a contrary note, if the supply pressure at the overhead trendline reverts the price back to a triangle, the bullish thesis will be invalidated. If this happens, the BNB price could prolong its consolidation for more weeks to months.
